Shiba Inu Breakout To $0.001? Rumored 9.25 Trillion SHIB Token Burn Could Be The Catalyst
January 08 2024 - 1:00PM
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The Shiba Inu (SHIB) price could be primed for a significant surge
if a recent rumor is anything to go by. This will provide a
much-needed relief for the meme coin, which has been on a nose dive
as of late. A Record-Shattering Shiba Inu Burn On The Way? In
a now-already deleted X (formerly Twitter) post, Shiba Inu’s team
member Ragnar mentioned that the 9.25 trillion SHIB tokens could
end up being burned this month. Although it is unclear why Ragnar
deleted the post, it could well have been done in order not to
raise expectations. Related Reading: How To Bridge And Trade
On The Injective (INJ) Network Shiba Inu’s Marketing Lucie had once
mentioned how the lead developer, Shytoshi Kusama, was skeptical
about providing a timeframe for these burns. Ragnar could
have also deleted the post, following a mistake on his part,
especially considering how mammoth 9.25 trillion SHIB is. The
highest number of SHIB tokens that have been burned in a month
still happens to be in the range of billions. In fact,
besides Ethereum founder Vitalik Buterin’s burn, never has a
trillion Shiba Inu tokens burned in a single year. As such, it
seems unlikely that the team member was referring to this happening
this month. If anything, such a figure even seems more plausible if
Ragnar was referring to how much of the meme coin could be burned
this year. If that is the case, it could have a massive
impact on SHIB’s price. The meme coin is known to make a rally
whenever SHIB tokens of such magnitude are burned, not to talk of
what could happen if such a record is achieved. SHIB price at
$0.000009 | Source: SHIBUSD on Tradingview.com Shibarium’s Role In
Achieving The Record If 92.5 trillion SHIB tokens manage to be
burned this year, it will likely come from Shibarium’s efforts. The
layer-2 network has, in recent times, been the biggest contributor
to the Shiba Inu burns carried out. Interestingly, Shibarium
singlehandedly contributed to almost half of all the SHIB tokens
that were burned in 2023. Related Reading: Bitcoin Spot ETF:
VanEck’s Head Of Research Says BlackRock Has $2 Billion In
Investments Lined Up Last year, just over 76 billion SHIB tokens
were burned, with the layer-2 network contributing almost 34
billion SHIB to those burns. Shibarium has, however, not had a
great start to the year, with daily transactions declining from
highs it recorded in December last year. According to data from the
Shibarium Explorer, daily transactions on the network currently
stand at 4 million. Meanwhile, the 9.25 trillion SHIB tokens
being burned remains from being a reality as just over 64 million
SHIB tokens have been burned this month, according to data from the
Shiba Burn Tracker. At the time of writing, Shiba Inu is trading at
around $0.000008907, down over 5% in the last 24 hours, according
to data from CoinMarketCap. Featured image from FX Leaders, chart
from Tradingview.com
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